Moody’s cuts Turnstone, IDH notes

Moody's Investors Service said it downgraded Turnstone Midco 2 Ltd.’s (IDH) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

Concurrently, the agency downgraded the £275 million senior secured fixed-rate notes and £150 million senior secured floating-rate notes due 2022 to B3 from B2 and the £130 million second-lien notes due 2023 to Caa2 from Caa1, all of which are issued by IDH Finance plc.

The outlook is negative.

Moody’s said the action primarily reflects the following drivers: (a) IDH's increasing financial leverage, which is stemming predominately from a contraction in Unit of Dental Activity (UDA) delivery rates that has persisted for two years; offset by (b) the company's scale, together with its good revenue and cash flow generation visibility.

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